Karnataka offers Rs 400 cr fund to mentor 100 start-ups

Bengaluru, July 4 (IANS) Karnataka would provide Rs 400 crore fund to mentor 100 start-ups with idea validation, incubation facilities and expertise in accounting and legal norms, said state IT and BT Minister Priyank Kharge on Tuesday.

“We will identify 100 innovative start-ups from across the state through the ‘Elevate 100 Programme’ and provide them seed fund, venture capital, networking and mentors to convert their ideas into businesses,” he told reporters here.

Kharge said that his department will soon hold open houses to select the start-ups for seed funding at Hubbali, Kalaburgi, Mangaluru and Mysuru besides Bengaluru after they pitch their innovative ideas to experts from the IT industry’s apex body Nasscom.

“We have identified 46 start-ups and sanctioned Rs 15.68 crore to fund them in diverse fields, including IT, biotechnology and tourism,” he said.

Of the 46 start-ups, 26 in biotechnology were given Rs 10.7 crore, 12 in IT Rs 3.18 crore and 8 in tourism Rs 1.8 crore.

Start-ups can register with the department till July 18 for the unique Programme, said to be the first in the country by a state government.

“Venture Capitalists will fund the start-ups after they develop products or services for the global and domestic markets,” said Nasscom Product Council Chairman Ravi Gururaj.

Besides Nasscom, the Indus Entrepreneurs and Desphande Foundation are partnering with the Start-up Cell of the Karnataka Biotechnology and Information Technology Services (KBITS) to implement the Programme.